Malaysia’s Maybank wraps up BII deal
Malaysia's Maybank said on Tuesday it sealed the long-awaited purchase of a controlling stake in Bank Internasional Indonesia (BII) after persuading BII's core shareholders to sweeten the deal, Reuters reported.

Maybank paid 4.26 billion ringgit ($1.24 billion) for the 55.6 percent stake after majority shareholders Fullerton Financial Holdings, a unit of Singapore's Temasek , and South Korea's Kookmin Bank agreed to provide a rebate of 758.9 million ringgit, Maybank said in a statement.

Maybank had agreed in March to pay the two shareholders $1.5 billion, or 510 rupiah per share, and to tender for all remaining equity, putting the total price tag at $2.7 billion.

The rebate effectively cut the price for the 55.6 percent holding to 433 rupiah per share.

However, the tender for outstanding shares will still be made at 510 rupiah per share, valuing the bid for the remaining 44.3 percent of BII at 3.8 billion ringgit, Maybank said in the statement to the stock exchange.
Last week, Malaysia's central bank told the state-owned Maybank to lower the value of the bid, which pulled the Indonesian lender's shares down by more than a third to 310 rupiah on Friday.

The central bank had previously blocked the purchase when Indonesian regulators insisted Maybank would have to sell part of BII.

That block was lifted on Sept. 16 and Maybank was confident as late as Thursday afternoon that it would close the deal on Friday as planned, before the central bank intervened again.